* Dollar recovers some poise after hitting three-year low
* Palladium slips below Monday's record high
* GRAPHIC-2018 asset returns: http://tmsnrt.rs/2jvdmXl
(Updates prices, adds comment) LONDON, Jan 16 (Reuters) - Gold slipped on Tuesday from the previous day's four-month high, reflecting losses across precious metals and commodities as the dollar clawed back some lost ground after hitting a three-year low against a currency basket. Gold's move lower snapped four straight days of gains after the retreat in the U.S. currency made dollar-priced gold cheaper for holders of other currencies.
Spot gold was down 0.4 percent at $1,334.72 an ounce
for February delivery were down 40 cents at $1,334.50. "Profit-taking is emerging across the whole commodities space," Saxo Bank's head of commodities research Ole Hansen said. "One can almost argue investors are taking stock following the first couple of trading weeks into the new year. A stronger dollar is most likely the trigger." The dollar rose 0.4 percent against the euro after hitting its lowest against the single currency since late 2014 on Monday. The euro is suffering from doubts that the European Central Bank will ditch its pledge to keep buying bonds when it meets next week. The U.S. currency has weakened as markets have grown increasingly confident that a global recovery would outpace U.S. growth and prompt other major central banks, led by the ECB, to unwind their easy money strategy faster than has been expected. Gold remained relatively firm in the face of three U.S. interest hikes in 2017, but could suffer if these continue, analysts say. It is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding bullion. "We see a trading range of $1,225-$1,430 for gold this year, with an average price of $1,290," INTL FCStone said in a note. "Our number suggests we are closer to a top (than) a bottom, a position we are comfortable with as we are not sure gold could withstand the higher-yield environment going into next year, especially if the (weaker) dollar eventually reverses course."
Palladium , which hit a record high of $1,138 an ounce
on Monday, was down 2.4 percent at $1,097.97. It has been on a sustained rally as high demand in the auto industry fuelled supply concerns, sending net long positions in Nymex palladium futures to record highs.
Silver was down 1.3 percent at $17.12 an ounce, off
the previous day's three-month high of $17.42. Platinum was up 0.2 percent at $997.90. It touched a peak on Monday of $1,001.40, its strongest since Sept. 11.
(Additional reporting by Nallur Sethuraman in Bengaluru; Editing by David Goodman)